Neinor Homes: Reports a NNAV of €15.92/share at December 2017
The 2017 results may have a negative impact on the stock price as the market expected a superior NNAV at December 2017. Nevertheless, the better than expected performance of the development business and the anticipation to the business plan, makes us maintain our Buy recommendation with a target price of €20.32/share unchanged.
Neinor Homes SA, formerly Neinor Homes SLU, is a Spain-based company engaged in the real estate sector. The Company focuses on the design, construction and promotion of residential properties. It develops housing projects in various Spanish cities, such as Malaga, Madrid, Barcelona, Cordoba, Vizcaya, Alicante, Almeria and Gerona.
Bankinter S.A. is a Spanish brokerage firm established in 1989. The company's line of business includes the provision of market research and trading services for Equity and Fixed Income products.
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